Payden Corporate Bond Fund (PYACX)
$9.98
NAV ($)
$-0.02
NAV change ($) as of 10/9/2025
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The Payden Corporate Bond Fund’s strategy is to purchase investment-grade corporate bonds of companies that have leading market positions, strong cash flow generation, stable management teams and predictable earnings. The strategy’s focus is on bottom-up credit selection with an emphasis placed on adding issues with a near-term catalyst to outperform. Our credit research process looks to capitalize on opportunities in the corporate bond market across sectors and maturities; including the early identification of potential rising stars - companies that we believe will be upgraded to investment grade in the near term. A forward-looking approach is taken to credit analysis. A priority is placed on assessing a company’s future trajectory and the corresponding risk and opportunities for bondholders under various scenarios. Up to 20% of fund assets may be below investment grade.
Role In Portfolio
Appropriate as a fixed-income holding for investors seeking a dedicated corporate bond strategy.
Fund Highlights
| The fund is a well-diversified portfolio of U.S. dollar investment-grade corporate securities backed by extensive in-house credit research. | |
| It invests in credits across the full maturity spectrum and its duration and curve positioning are actively managed. | |
| The fund has the flexibility to opportunistically invest in below investment-grade securities and emerging-market debt. | |
| No loads (other fees apply). | |
| The value of an investment will generally fall when interest rates rise. |
Fund Snapshot - 09/30/2025
| Fund Inception Date | Mar 12, 2009 |
| Share Class Inception Date | Mar 12, 2009 |
| Ticker | PYACX |
| CUSIP | 704329366 |
| Fund Total Net Assets | $407.0 million |
| Benchmark | Bloomberg U.S. Corporate Bond Index |
| Net Expense Ratio | 0.66% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| SI Class | $10,000,000 |
| Additional Investment - All Classes | $250 |
| Payden Corporate Bond Fund (PYACX) | Morningstar average: Corporate Bond |
|
|---|---|---|
| Net Expense Ratio | 0.66% | 0.87% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Portfolio Characteristics - 09/30/2025
| Fund Inception Date | Mar 12, 2009 |
| Total Net Assets | $407.0 million |
| Average Duration | 6.8 years |
| Average Maturity | 13.4 years |
| 30-Day SEC Yield | 4.55% |
| 30-Day SEC Yield (unsubsidized) | 4.57% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 6% |
| 1-3 | 15% |
| 3-5 | 22% |
| 5-7 | 20% |
| 7-10 | 12% |
| 10+ | 25% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 6% |
| AA | 8% |
| A | 35% |
| BBB | 42% |
| BB | 7% |
| B | 1% |
| Unrated | 1% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Financial Institutions | 40% |
| Industrials | 38% |
| Utilities | 9% |
| Mortgage-Backed | 8% |
| Other | 5% |
| Total | 100% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
163 |
| 3 Year | |
163 | |
| Category: Corporate Bond | 5 Year | |
149 |
| 10 Year | |
96 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2025) | 6.71% | 3.78% | 7.16% | 0.59% | 3.40% | 5.13% |
| Month-end (9/30/2025) | 6.71% | 3.78% | 7.16% | 0.59% | 3.40% | 5.13% |
Yearly Returns
| 2024 | 3.16% |
| 2023 | 8.53% |
| 2022 | -16.33% |
| 2021 | -0.07% |
| 2020 | 8.64% |
| 2019 | 14.46% |
| 2018 | -3.05% |
| 2017 | 8.53% |
| 2016 | 6.82% |
| 2015 | 1.15% |
Expenses
| Total Annual Operating Expense | 0.68% |
| Net or Actual Operating Expense | 0.66% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Commentary - 09/30/2025
| MARKET | |
| In September, U.S. Treasury yields initially moved materially lower as investors digested softer-than-expected economic data, including Purchasing Managers Index (PMI) and consumer sentiment, while labor market concerns continued to grow. However, following the Federal Reserve’s (Fed’s) first 0.25% rate cut of the year, there was a series of economic data, such as retail sales, that proved to be resilient, which drove U.S. Treasury yields higher. | |
| Concluding September, the 2-year U.S. Treasury yield slipped 0.01% to 3.61%, while the 10-year yield fell by 0.08% to 4.15%. Demand for corporate bonds remained robust, with 1- to 30-year corporate yields over similar-maturity U.S. Treasuries narrowing 0.05% to 0.74%. As a result, the overall yield on 1- to 30-year corporate bonds fell 0.10% to 4.81%. | |
| Primary supply for September finished at $212 billion, resulting in year-to-date supply totals of $1.3 trillion, which is up 2% compared to the same time last year. | |
| OUTLOOK | |
| During the month, the Fund incrementally increased risk as demand for corporate bonds remained strong. It actively participated in newly issued bonds, adding exposure to the utilities and financials sectors, including banks and finance companies. The Fund also continued to add out-of-index exposure within high-yield and securitized products. To fund these purchases, the Fund reduced positions in the basics, capital goods, and technology sectors. Duration remained modestly long relative to the benchmark. | |
| We believe corporate bonds can continue to perform well into year-end, supported by a strong technical bid for credit as investors seek to secure these attractive yields ahead of further Fed rate cuts. Corporate fundamentals remain generally solid; however, we are closely monitoring potential risks such as margin pressure from tariffs. | |
| This environment is likely to present both increased risks and opportunities, making careful credit selection and tactical positioning essential to navigating evolving global trade negotiations and macroeconomic trends. | |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.